Financial Statements consist of three primary documents: the Balance Sheet, which provides a snapshot of assets, liabilities, and equity at a specific point in time; the Income Statement, which summarizes revenues and expenses over a period, indicating how much profit or loss was made; and the Cash Flow Statement, which outlines the inflows and outflows of cash, highlighting the company’s liquidity position. They are essential for stakeholders, including investors, management, and regulatory agencies, for decision-making processes.